Spice Group may withdraw from the race to buy the fraud-hit Satyam Computer Services Ltd due to a lack of desired transparency in the bidding process,its chairman said on Wednesday. Bidders for a 51 per cent stake in the outsourcing firm hit by Indias biggest corporate fraud are expected to be shortlisted soon,and they will be given access to some data and financial information before submitting their offer.

We have the letter. Its not very positive,so we may be withdrawing, B K Modi said of Satyams response to Spices request to make the bidding process more transparent. Along with Spice,Indian engineering firm Larsen & Toubro and IT services firm Tech Mahindra are among potential suitors for Satyam,whose government-appointed board is looking for a buyer to revive the company. We wanted transparency,which we have not got. We dont know who the other bidders are. There is no understanding of (a) clear-cut auction process, Modi said.